How To Apply For Export Credit Insurance?

Our country currently manages export credit insurance The agencies are China Insurance Property Insurance Company and China Import and export bank. The export insurance business shall be handled by the two agencies.

Export credit insurance is divided into the following three categories:

(1) short term export credit insurance (short term insurance). The risk of foreign exchange receipts within a period of less than 180 days is mainly used for the export of commercial credit, such as payment against documents (D/P), acceptance documents (D/A), and credit (O/A). According to the actual situation, short term insurance can also extend the export period that covers the period of 180 days or less, within 360 days, and the export letter of credit issued by banks or other financial institutions.

(two) medium and long-term export credit insurance (short and medium term insurance) can be divided into three categories: buyer's credit insurance, seller's credit insurance and overseas investment insurance. The risk of foreign exchange insurance, which covers more than one year and generally does not exceed 10 years, is mainly used for the export of large mechanical and electrical products and complete sets of equipment, as well as overseas investment, such as BOT, BOO or joint venture.

(three) export related performance bond insurance (referred to as guarantee insurance). Surety insurance is divided into direct guarantee insurance and indirect guarantee insurance. Direct guarantee insurance includes issuing advance payment guarantee, issuing performance bond insurance, etc. indirect guaranty insurance includes insuring the importer to confiscate the exporter's bank guarantee.

Short term export credit insurance Bidding requirements 。 Short term insurance is the buyer's credit limit as the upper limit of liability, and the agency is responsible for the risk of foreign exchange earnings. The buyer's credit limit is the maximum insurance liability balance of an exporter's payment to a certain importer on the basis of the payment method for the importer's credit investigation. The approved buyer's credit limit can be recycled, that is, if there is no liability for insurance compensation, the exporter can continue to export the goods to the importer after the buyer's payment is received. For this reason, if an enterprise needs to apply for short-term credit insurance, it shall, before signing an export contract, provide short-term insurance to the agency, and provide the importer and the issuing bank with the English name, address, person in charge, contact telephone and fax, as well as the credit information of the importing party that has been informed, and apply for the buyer's credit limit application procedure. After the approval of the buyer's credit limit, the company can organize the delivery within that limit. {page_break}

Bidding requirements for medium and long term export credit insurance. Due to the large sum of insurance in medium and long term insurance, the repayment period is longer, and the risk level is much shorter than that in the near future. Therefore, when arranging medium and long-term export projects, enterprises should pay special attention to implementing insurance matters in advance according to the regulations. The medium and long term risks for export enterprises shall be as follows program One by one:

(1) an enterprise should submit an insurance application to the agency at least one month in advance before bidding or initiate the medium and long-term export contract, and at the same time, provide the following materials:

L. project name, project size, contract amount, location of the project, etc.

2. draw up the credit method, credit condition and so on (the importer generally needs to pay 15% of the advance payment).

3. the name, address and credit information of the importer;

4. the name, address and creditworthiness of the borrower or the lending bank (when providing buyer's credit in China);

5. the name, address and creditworthiness of the repayment guarantor;

6. feasibility analysis report of export project (including technology, patent, exchange cost forecast, economic benefit, etc.)

7. the business contracts signed by both the import and export parties, or the business part of the export enterprises that have been prepared to tender.

8. export business license and other documents required.

(two) upon receipt of the above "insurance application" and the attached documents, the agency will conduct a preliminary review of the insured items. If it meets the support requirements of the national policy export credit insurance, it will issue a letter of intent for protection within four weeks. An enterprise can apply for credit to the bank with this letter of intent.

(three) after the import and export parties have agreed on the terms of the business contract and the terms of the export credit agreement between the loan bank and the borrower, the agency will examine the whole project and all the contract documents, approve the premium rate, and issue an insurance policy or sign an insurance agreement according to the relevant regulations of the state.

The agencies shall, within the scope of authorization, handle specific insurance business on behalf of the government within the scope of authorization. In order to ensure the normal operation of the State export credit insurance, the agency shall not handle insurance matters in the following circumstances:

(1) without undertaking the consent of the agency, undertaking or signing the contract without authorization.

(two) first, after shipment, insurance.

(three) other acts which do not conform to the relevant provisions of the state.